Ingka Explores Renewable Investment Opportunities in South Korea and Japan
Ingka Ventures into Renewables in South Korea and Japan
Ingka, the parent company of most IKEA stores globally, is venturing into renewable investment opportunities, particularly in South Korea and Japan. Peter van der Poel, the managing director of Ingka Investments, revealed the company’s interest in offshore wind as a promising option in these markets.
Expanding Renewable Portfolio in Asia
Ingka Investments has established itself as a significant owner of renewable energy assets in Europe. Now, the company is looking to diversify its portfolio in Asia, specifically in South Korea and Japan, where it already has a presence. While the company currently has no wind or solar investments in these countries, offshore wind projects seem to be the most feasible option due to land prices.
Japan’s Ambitious Offshore Wind Goals
Japan has set ambitious targets for offshore wind power, aiming to have 10 gigawatts of projects by 2030 and up to 45 gigawatts by 2040. The government has also expanded the areas available for wind turbine installation to include exclusive economic zones.
Commitment to Renewable Energy
Ingka Investments has earmarked 7.5 billion euros for renewable energy investments by 2030, with 4 billion euros already committed. The company currently owns 2.5 gigawatts of renewable energy capacity and is dedicated to decarbonizing its operations.
Long-Term Vision for Offshore Wind
Despite challenges such as rising costs and supply chain disruptions in the offshore wind sector, Ingka remains committed to its long-term vision. Van der Poel emphasized the importance of offshore wind in both decarbonizing the company’s operations and contributing to Europe’s sustainability goals.
Expanding into Commercial Offshore Wind Farming
Recently, Ingka was part of the winning group for Norway’s first commercial offshore wind farm auction. The partners, including Japanese-backed Parkwind, plan to develop a wind farm with 90 turbines, each with a capacity of 17 megawatts, aiming for operation by 2030.
Confidence in Future Ventures
Van der Poel expressed confidence in the success of the Norwegian offshore wind project, highlighting the company’s scrutiny of the business case. Despite the challenges ahead, Ingka is optimistic about its renewable energy ventures and their potential impact on sustainability.
